The payroll specialist plays a crucial role in a company’s human resources department. Their primary responsibility is to ensure that employees are paid accurately and on time.
They typically handle various tasks related to the organisation’s payroll system, including:
1. Processing payroll: They are responsible for processing employee wages, bonuses, commissions, and other forms of compensation, taking into account factors such as overtime, shift differentials, and any relevant deductions.
2. Maintaining records: Payroll specialists maintain detailed records of employee salaries, wages, and deductions. They ensure that all information is accurate and up-to-date for tax and auditing purposes.
3. Compliance: They must stay updated with relevant federal, state, and local payroll regulations and ensure that the company’s payroll processes comply with all relevant laws and regulations.
4. Tax obligations: They are responsible for calculating and withholding taxes, including income tax, Social Security, and other applicable deductions, and ensuring that these are accurately reported and paid to the appropriate government agencies.
5. Resolving payroll-related issues: They address any payroll-related inquiries or concerns from employees, such as questions about their paycheck, tax withholdings, or benefits deductions.
6. Generating reports: They prepare and distribute various payroll reports to management, accounting, and other relevant departments for financial and planning purposes.
Overall, the payroll specialist ensures that the company’s employees are paid accurately and in compliance with relevant laws and regulations, playing a crucial role in maintaining employee satisfaction and the financial health of the organisation.
Types of payroll skills to add in your resume:
- Payroll laws and regulations. Income tax.
- Payroll system management.
- Tax & retirement plans.
- Attention to detail.
- Payroll tax forms: 941, 940, 944, W-2, W-3, W-4.
- Journal and ledger entries.
- Processing
